Drahi’s business career began when he and an American partner convinced mayors in southern France to allow them to lay cable for television in their towns. This company was later sold to John C. Malone’s UPC. Drahi was paid in UPC stock and went to Geneva to work for the company. He sold his position in UPC for approximately 40 million Euros just before the dot-com bubble burst. In 2001, he founded the Amsterdam-based holding company Altice ATCE.AS, which soon began to buy up European cable companies.

In 2013, Drahi founded the international news channel i24news, based in Israel, and broadcasting in French, Arabic, and English.

Drahi founded the French cable operator Numericable. In 2013, Drahi bought SFR, the second largest mobile phone and internet provider in France, from media conglomerate Vivendi.

In 2014, Drahl and his wife Lina created the Patrick and Lina Drahi Foundation (PLFA) to support innovative programs in the areas of science and education, entrepreneurship and innovation, the arts, and Israel and the Jewish people, through organizational grants. Incorporated in 2016 and headquartered in Zermatt, Switzerland, the foundation supports programs in Switzerland, France and Portugal. As of late 2020, it has begun television advertising in the United States.

Drahi and his group Altice entered the American telecommunications market in 2015 by purchasing a 70 per cent stake in Suddenlink Communications, the seventh-largest cable company in the US. Suddenlink is valued at $9.1 billion. Also in 2015, Drahi bought Cablevision from the Dolan family, renaming it Altice USA with its flagship brand Optimum being the fifth-largest cable operator in the USA. In 2018, the Dolans sued Altice USA over alleged violations of the terms of the sale.

In June 2019, Sotheby’s announced it was being acquired by Drahi at a 61% market premium.

In September 2020, to take the company private, Drahi offered €2.5 billion to minority shareholders of Altice.